Hanyang and Yeosu Receive Additional Approval for 'LNG Hub Terminal' Construction Plan and Proceed Smoothly

Perspective view of the Northeast Asia Liquefied Natural Gas (LNG) Hub Terminal.

[Asia Economy Reporter Choi Dong-hyun] Hanyang announced on the 23rd that it has received approval from the Ministry of Trade, Industry and Energy for additional tank construction plans for the natural gas import and export business of the ‘Northeast Asia Liquefied Natural Gas (LNG) Hub Terminal’ project located in Yeosu, Jeollanam-do.

The Northeast Asia LNG Hub Terminal project is a business in which Hanyang is investing a total of 1.2 trillion KRW on a 650,000㎡ site in Myodo (猫島), Yeosu City, to complete by 2024 four LNG storage tanks each with a capacity of 200,000㎘, vaporization and sending facilities, and a wharf facility with a maximum capacity of 127,000 tons.

In March, Hanyang received construction plan approval from the Ministry of Trade, Industry and Energy for one 200,000㎘ LNG storage tank, opening the way for entry into the LNG business. This is intended to supply natural gas from the Northeast Asia LNG Hub Terminal to power plants using the pipeline network of Korea Gas Corporation.

The LNG storage tank approved for construction this time is characterized by its use for storing LNG and exporting it overseas without using the pipeline network. This enables the provision of LNG storage and export services to global LNG traders.

Thus, the Northeast Asia LNG Hub Terminal is equipped as an open private terminal, enabling global trading beyond storage and supply for domestic demand. It is expected that various domestic and international demand sources will be able to trade in the future.

If the hub terminal is activated, it can provide free choice to domestic LNG power generation, industrial demand, hydrogen producers, and others whose demand is increasing in line with eco-friendly energy transition policies. At the same time, it is expected to play a central role as a Northeast Asia LNG trading hub leveraging its geographical advantages.

As the LNG terminal business, promoted as a future new business, progresses smoothly, Hanyang plans to accelerate its transformation into a smart and energy company through smart construction, participating as a builder of the Sejong Smart City, and renewable energy businesses such as solar power, where it has established a leading position.

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